Wilmington Housing Finance & Development Inc

Nonprofit profile at a glance

EIN
581492427
IRS 990 coverage
2012–2021
Forms available
Form 990 2021
Location
Wilmington, NC, USA
Phone
9107625004
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$317,108
Expenses
$298,949
Assets
$1,514,511
Liabilities
$163,419

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • BETTY R BISBEE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • BETTY R BISBEE (EXECUTIVE DIRECTOR): $60,008 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide funds and assistance for the purchase, acquistion, improvement, renovation, and sale of moderate and low-income housing.

What it reported doing in 2021

Development of low income housing projects. Moderate and low income families will occupy these homes upon completion.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some related-organization disclosures are missing and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 83
  • Accountability: 83
  • Sustainability: 48
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.5%; rating input score 80
  • Program expense ratio: 85.4%; rating input score 85
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 21st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 87.5%; rating input score 88; 23rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.7%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 5.07; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 20.1%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: -2.4% per year; rating input score 0; 33rd percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 7.5% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 80.5% of revenue deployed · 85.4% of spending went to programs
  • Governance: 7 of 8 board members independent · 6 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $255K in reported program spending
  • Leadership: top reported pay $60K · 8 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 10 filing years from 2012 to 2021
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 4 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 20/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.